An International Monetary Fund (IMF) team is currently visiting Sri Lanka to assess the country’s progress on a USD 3 billion bailout programme. The IMF team, led by Peter Breuer and Sarwat Jahan, is on a consultation mission ahead of the expected formal review in September.
During the visit, the IMF team met with Sri Lankan President Ranil Wickremesinghe in his capacity as the Finance Minister. The team will be in Sri Lanka from May 11 to May 23 to check on the country’s progress of the programme.
The bailout programme was extended by the IMF to debt-ridden Sri Lanka to help the country overcome its economic challenges. The programme includes measures aimed at reducing the country’s fiscal deficit, increasing revenue, and boosting economic growth.
The Sri Lankan government has been implementing a range of reforms as part of the programme. These reforms include measures to improve tax collection, reduce government spending, and increase foreign investment. The government has also been working to strengthen its financial sector and improve the business environment.
The IMF’s visit to Sri Lanka comes at a time when the country is facing a number of economic challenges. Sri Lanka’s economy has been hit hard by the COVID-19 pandemic, which has led to a decline in tourism and a drop in exports. The country is also facing high levels of debt and a widening fiscal deficit.
The IMF team’s assessment of Sri Lanka’s progress on the bailout programme will be closely watched by investors and international financial institutions. The programme is seen as key to restoring investor confidence in Sri Lanka and unlocking much-needed foreign investment.
The IMF’s visit to Sri Lanka is an important step in the country’s efforts to overcome its economic challenges and restore economic stability. The Sri Lankan government will need to continue to implement reforms and work closely with the IMF to ensure that the programme remains on track.
